Business

Bank Century officially
changes name to Bank Mutiara

The troubled Bank Century officially changed its name Monday to Bank Mutiara, as part of efforts to rebuild its image.

"We’re not running away from our problems; it’s not just a change of clothes, as it were, but also a move to regain public confidence," president director Maryono said as quoted by kompas.com.

He added Mutiara, or pearl, was chosen as the new name for the bank because it reflected “valuable lessons to produce pearls”.

The name change cost the bank Rp 1.8 billion (US$180,000), he added.

Century had been bailed out for the astronomical sum of Rp 6.7 trillion last year, sparking public outrage and allegations of massive fraud.

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